US Treasury Secretary Timothy Geithner said Beijing had made "very, very little" progress on revaluation of the renminbi, Reuters reported. In an interview with the Wall Street Journal, Geithner said that while China had signaled it would allow the currency’s exchange rate to reflect market forces, he was unsatisfied with the country’s actions to date. "It’s very important to us, and I think it’s important to China, I think they recognize this, that you need to let it move up over a sustained period of time," he said. Geithner will appear before the US House of Representatives Ways and Means Committee on Thursday to present the administration’s view on the renminbi. China’s central bank allowed the currency to rise slightly on Friday, but the limited move is not expected to assuage US concerns about the exchange rate.
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